Plug Power/$PLUG

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About Plug Power

Plug Power is building an end-to-end green hydrogen ecosystem—from production, storage, and delivery to energy generation. The company plans to build and operate green hydrogen highways across North America and Europe. Plug will deliver its green hydrogen solutions directly to its customers and through joint venture partners into multiple end markets, including material handling, e-mobility, power generation, and industrial applications.

Ticker

$PLUG
Primary listing

Employees

3,224

Plug Power Metrics

BasicAdvanced
$3.1B
-
-$2.05
2.24
-

What the Analysts think about Plug Power

Analyst ratings (Buy, Hold, Sell) for Plug Power stock.

Bulls say / Bears say

In Q1 2025, Plug Power reduced net cash usage nearly 47% year-over-year to $142 million from $268 million, ending the quarter with approximately $296 million in unrestricted cash and securing a $525 million debt facility that retired dilutive convertible debentures, bolstering liquidity and reducing dilution risk (Nasdaq).
Commissioning of the 15 TPD hydrogen liquefaction plant in St. Gabriel, Louisiana, through its Olin joint venture increased U.S. production capacity to ~40 TPD, strengthening Plug Power’s vertically integrated hydrogen supply chain for major customers like Amazon and Walmart (Nasdaq).
In Q2 2025, Plug Power reported revenue of $174 million, up 21% YoY, and improved its gross margin loss to -32% from -91% a year ago, with management targeting margin breakeven by end of 2025 via Project Quantum Leap cost efficiencies, underscoring a credible path toward profitability (Times Union).
Despite operational gains, Plug Power remains unprofitable, posting a Q2 2025 net loss of $227 million and cumulative losses exceeding $7 billion, highlighting the persistent challenge of achieving sustained profitability (Times Union).
Following DOE cuts to $7.56 billion in hydrogen grants, Plug Power’s leadership reshuffle—resignation of President Sanjay Shrestha and planned CEO transition—coupled with a major warrant exercise diluting shareholders, reflects strategic uncertainty and cash constraints (Times Union).
Despite cash burn improvements, Plug Power incurred over $1 billion in negative free cash flow over the past twelve months, underscoring ongoing cash flow sustainability concerns amid heavy capex and operational scaling (Investing.com).
Data summarised monthly by Lightyear AI. Last updated on 4 Nov 2025.

Plug Power Financial Performance

Revenues and expenses
QuarterlyAnnual
Q3 24
QoQ growth
Revenue
$37B
-39.75%
Net income
$45B
107.52%
Profit margin
37.65%
6.78%

Plug Power Earnings Performance

Company profitability
QuarterlyAnnual
Q4 23
Q1 24
Q2 24
Q3 24
Q4 24
Actual
$3.69
$2.85
$2.45
$2.42
-
Expected
$3.55
$2.61
$2.05
$2.31
$3.94
Surprise
3.94%
9.20%
19.51%
4.63%
-
Data displayed above is indicative only and its accuracy or completeness is not guaranteed. Actual execution price may vary. Past performance is not indicative of future results. Your return may be affected by currency fluctuations and applicable fees and charges. Capital at risk.
Real-time US market data is sourced from the IEX order book provided by Polygon. After-hours US market data is 15 minutes delayed and may differ significantly from the actual tradable price at market open.

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